/biz/ - Business & Finance

Drop me some and I’ll consider buying more you filthy pajeets

Would it be possible to make a crypto on ethereum that gives insurance in case of ETH/erc tokens sent to an incompatible address?

The smart contract could compensate 80% value of lost tokens in the form of the insurance token (using current value in ETH). You would activate the compensation protocol by sending 20% of the value of the lost tokens to the smart contract address. You would have to send them from the same address you lost the tokens, enclosing the address you sent the irretrievable tokens to. You would have to send the value in the form of the insurance tokens (this gives them their value). In response, the smart contract would send 80% of the value back, in the form of the insurance tokens.

100 million of the insurance tokens would be minted. Any tokens sent to the smart contract address would be burned. This does mean that the initial supply would increase by 80% of the ether value of each insurance claim. They would therefore be inflationary, but I propose they would hold their value because of their intrinsic demand. Free market tokenomic principles would see their value stabilise between 20 - 80% of the average insurance claim at any given time. This is because holders would seek to profit when selling to people who want to claim, and claimants would be willing to pay a certain amount below their claim amount.

Is this viable biz?

WOW THE DAILY TRADING VILUME WENT FROM $15,000 TO $18,000 IM GONNA IM GONNA HNNNNNMMMMMPHHH IMM GOOONNNAAAAA COOOOOOOOOOOM

idiot